By Angeliki Koutantou

ATHENS, Jan 18 (Reuters) – Greece will consider on Wednesday an improved bid that China’s Cosco is because of submit for a majority stake in Piraeus Port, a senior official on the privatisation company (HRADF) stated on Monday.

Cosco was the only bidder for a 67 p.c stake Piraeus Port Authority (OLP), the supervisor of the nation’s greatest port which is a gateway to Asia, japanese Europe and north Africa. The company has requested Cosco to enhance its supply.

“HRADF’s board is scheduled to convene Wednesday evening to assess an improved offer that Cosco will have submitted by then,” the official instructed Reuters on situation of anonymity.

The official stated if Cosco’s bid was not passable the company may ask the corporate to enhance it additional. The company has the precise to cancel the tender if it deems the supply shouldn’t be passable, beneath its competitors guidelines.

“Negotiations with Cosco will continue until the last minute so that we achieve the best possible price,” the official stated.

Piraeus Port is valued at $367 million primarily based on Monday’s share value. A supply near the method stated that Cosco has supplied about $300 million for Piraeus Port, a premium of about 22 p.c, in response to Reuters calculations. The firm has till 1500 GMT on Wednesday to enhance its bid.

The leftist authorities of Alexis Tsipras halted the sale of the port and different state property after profitable elections in January final yr however resumed the method beneath a 3rd bailout of as much as 86 billion euros ($94 billion) agreed in August.

WORKERS AGAINST

Piraeus Port employees are towards the sale as a result of they concern it should result in job cuts, whereas Greece’s Shipping Minister Thodoris Dritsas has stated having a sole bidder was not the perfect end result one ought to count on.

OLP operates Piraeus Port beneath a concession settlement with the Greek state. The firm’s board determined final week by a majority to renegotiate the concession settlement, upon which Cosco primarily based its supply.

The determination shouldn’t be anticipated to have an effect on the sale, which must be accepted by OLP’s shareholders, however is undermining the federal government’s try to realize the very best value doable for the port, the official stated.

Denmark’s container terminal operator APM Terminals and Philippines-based International Container Terminal Services had been additionally within the port however didn’t submit a bid.

Privatisations have a been a key a part of Greek bailouts since 2010 however haven’t produced a lot cash to date as a consequence of resistance from politicians and unions and bureaucratic delays.

The privatisation company is anticipating to boost two to 3 billion euros from state property this yr. That can be practically double the determine projected within the 2016 price range however lower than the three.7 billion euro goal set within the newest bailout.

Greece has additionally pushed a Jan. 15 deadline again by a couple of weeks for the submission of binding bids for the railway firm (TRAINOSE) and its upkeep operator (ROSCO), as a consequence of technicalities, the official stated.

Russian Railways (RZD) and its Greek accomplice GEK-Terna Holdings, France’s SNCF Participations and Romania’s S.C. Grup Feroviar Roman had been shortlisted for TRAINOSE in 2013.

An official near the sale stated RZD was nonetheless fascinated about TRAINOSE however the different two had been much less more likely to bid. ($1 = 0.9182 euros) (Editing by David Clarke and David Evans)